The Crown will contribute set-up costs of $400,000 for the co-governance body.
Day-to-day management of the cones will be handled by the Auckland City Council. On North Head the Department of Conservation will continue to manage the reserve. There will be no changes to existing public access and use rights and third party rights including infrastructure, buildings and leases would be maintained.
Mr Brown said the deal was an important milestone.
"It should provide a firm base for settling individual treaty claims and for new opportunities, including economic development and cultural expression."
The deed goes to members of each iwi and hapu for ratification before legislation is enacted in Parliament.
The deal also means Rangitoto, Motutapu, Motuihe and Tiritiri Matangi Islands will also be vested to the collective, which will vest them back to the Crown a month later.
The collective will retain ownership of the Rangitoto summit and two historical waka mooring sites.
BIG DEAL
The volcanic cones being vested to the Tamaki Collective:
Matukutururu/Wiri Mountain
Maungakiekie/One Tree Hill
Maungauika/North Head
Maungarei/Mt Wellington
Maungawhau/Mt Eden
Mt Albert
Mt Roskill
Mt St John
Ohinerau/Mt Hobson
Ohuiarangi/Pigeon Mountain
Otahuhu/Mt Richmond
Rarotonga/Mt Smart
Takarunga/Mt Victoria
Te Tatua a Riukiuta